The Alpha Trend Spotter indicator for Metatrader 5 generates non-repainting trading signals based on pure price action.
The indicator remains consistently active in the market, generating buy or sell signals, depending on market conditions.
The Alpha Trend Spotter for MT5 gets displayed as green and magenta colored arrows in the price chart.
The trade logic works as follows:
- A green arrow generates a buy signal.
- A magenta arrow generates a sell signal.
The following indicator inputs and parameters can be customized: period, and arrow colors.
The Alpha Trend Spotter indicator performs the best in the London and New York trading sessions when applied to the M5 and M15 trading charts.
Make yourself familiar with this technical indicator and thoroughly test and evaluate it until you fully understand how it works.
It supports all time frames and Forex pairs.
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Alpha_Trend_Spotter_Price_Action.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Alpha Trend Spotter indicator looks when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Alpha Trend Spotter Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is confirmed when the green arrow appears on the chart.
- Execute a buy order @ market price and set a logical stop loss below support.
- Close the buy trade for a predetermined pips target, or wait for the magenta trend reversal arrow.
Sell Signal
- A sell signal is confirmed when the magenta arrow appears on the chart.
- Execute a sell order @ market price and set a logical stop loss above resistance.
- Close the sell trade for a predetermined pips target, or wait for the green trend reversal arrow.
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Alpha_Trend_Spotter_Price_Action.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Alpha_Trend_Spotter_Price_Action.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration